scholarly journals Normative Framework as the Basis for Quality Financial Reporting in the Republic of Slovenia, the Republic of Macedonia and the Republic of Serbia

2016 ◽  
Vol 54 (1) ◽  
pp. 129-154
Author(s):  
Dragana Ranđelović ◽  
Tadija Đukić
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Professional Organizations ◽  
Entrepreneurial Activity ◽  
Financial Reports ◽  
Developed Economies ◽  
Normative Framework ◽  
International Regulations ◽  
The Republic ◽  
Business Entities

Abstract Quality of financial reporting is the precondition for the effective functioning of capital market due to the globalization of business. In the countries of Eastern and Central Europe, during the period of socialism, accounting and preparation of annual accounts was adapted for needs of planned economy. Today, it is necessary to work on harmonization national with international legislation. Also, they need to promote a culture of financial reporting, because economic entities do not understand the essential role and importance of financial reporting for business potential. In this paper, we consider Slovenia’s, Macedonia’s and Serbia’s normative framework of financial reporting system, in order to give the assessment of the current situation and pointed out the possible directions of improvement of this process. The comparative analysis of legal and professional solutions, which regulates financal reporting system in these countries, we learned some inconsistencies of their legislation in relation to international regulations, especially in the part of financial reporting for small and micro entreprises. In Serbia and Macedonia, perceived insufficient engagement of of professional organizations and bodies, which requires the reaction of the country in terms of defining and monitoring the implementation of regulations governing the conditions and responsibility for performing accounting and auditing work. This would allow business entities to access financial sources under favourable terms, raising their competitive advantages to quality financial information within financial reports, as well as further development of entrepreneurial activity, which is the generator of the most developed economies in the world.

scholarly journals Interactions of Financial Assistance and Financial Reporting Competency: Evidence From Local Government in Papua and West Papua Indonesia

2019 ◽  
Vol 11 (1) ◽  
pp. 1
Author(s):  
Pilipus Ramandei ◽  
Abdul Rohman ◽  
Dwi Ratmono ◽  
Imam Ghozali
Keyword(s):  
Local Government ◽  
Financial Reporting ◽  
Local Governments ◽  
Financial Statements ◽  
Financial Assistance ◽  
Financial Reports ◽  
Additional Information ◽  
West Papua ◽  
The Republic

Good local government financial statements are financial statements according to the qualitative characteristics of financial statements, which are relevant, reliable, comparable and understandable. However, the phenomenon shows that there are still weaknesses in financial reporting in several local governments in Indonesia, especially in the provinces of Papua and West Papua based on the findings of the Audit Board of the Republic of Indonesia (IHPS II BPK, 2017). The purpose of this study is to obtain empirical evidence of the role of moderating financial assistance and apparatus competency on the quality of government financial reports. Explanation of the relationship between variables was using an institutional theory perspective. The survey was conducted in 2018 on 42 Local Governments in Papua and West Papua. Methods of processing and analyzing data were using SEM-PLS with WarpPLS 6.0 statistical software. The results of the apparatus competency research have a positive effect on the quality of financial statements. A financial resistance positively strengthens the influence of apparatus competency on the quality of local government financial reports. Thus, efforts to overcome the presentation of quality financial statements require competent apparatus through the existence of financial assistance policies. Limitations of the study are the method of collecting data using a questionnaire and that it is very possible for the bias to occur. Therefore, efforts to achieve better results need to be accompanied by an interview method in order to obtain additional information as a comparison of respondents' answers; 2) the determination coefficient value of R- square is 0.41 or 41% indicating that there are still 0.59 or 59% variability in the quality of Local Government Financial Statements (LKPD) which can be explained by other variables outside the research model. 

scholarly journals The Procedure for Correcting Errors of Previous Periods in Financial Reporting According to IFRS

2018 ◽  
pp. 89-101
Author(s):  
S. I. Kovach ◽  
К. О. Sharapka
Keyword(s):  
Financial Reporting ◽  
Quality Criteria ◽  
Financial Statements ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Current Period ◽  
Business Entities ◽  
Set Up ◽  
In The Beginning ◽  
Made In

The subject of the study is represented by errors which were made in financial statements of prior periods and order of adjusting them according to International Financial Reporting Standards (IFRS). The objective of the research was set to study out the materiality of errors made in financial statements of prior periods, determination of classification and order of adjusting the errors in accordance with IFRS. Different methods were used for achieving set up goals: induction and deduction, analysis, synthesis, causal relationships, abstractly logical, comparison, studying monographs and other generally accepted methods. According to IFRS errors might be made while recognizing, measuring, submitting and disclosing information about elements of financial statements. IFRS 8 divides such errors to errors of current period and prior reporting periods. Errors of prior reporting periods may influence or not influence the amount of undivided profit, material or not material, also intentional or not intentional.  IFRS/IAS do not set up any recommendations about quantity or quality criteria or characteristics of materiality of errors. Every business entity preparing financial reports sets up materiality of errors based on their own criteria of materiality of errors. According to IRFS 8 paragraph 42 business entities adjust material mistakes of the prior period retrospectively in the first set of financial statements confirmed before its disclosing after their revealing. There are two ways to adjust these kind of errors: by transferring comparable sums for prior period (periods) presented when the mistake was made. Also by transferring the residue of assets, liabilities and equity in the beginning of the period for the earliest of the prior period presented, if the errors were made before the earliest of the prior period presented. Information about errors of prior period must be disclosed. Practical use of the research consists in bringing its main ideas to life through methodical innovations and recommendations which may be applied while adjusting errors, by business entities preparing financial statements according to IFRS.

scholarly journals Non-Financial Reporting in the Light of International Regulations and EU Directives

2018 ◽  
Vol 8 ◽  
Author(s):  
Ryszard Ryszard Kamiński
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Financial Information ◽  
Information Requirements ◽  
International Regulations ◽  
Eu Directives

The need to standardise non-financial reporting to ensure its transparency and clarity is noted by researchers and reporting organisations. In their opinion, the reports should be clear, transparent and comparable and stakeholders should be able to fully satisfy their information requirements. Bearing in mind this assumptions the aim of the study is to analyse the non-Financial reporting system within the scope of international and Eu-ropean Union law. The author pays attention to the essence of reporting non-financial Information and its standards, EU Directives and Guidelines of Discolure.

scholarly journals Balance Sheet Model for Small Economic Entities

2021 ◽  
Vol 6 (2) ◽  
pp. 7-11
Author(s):  
Halina Chlodnicka ◽  
Grzegorz Zimon
Keyword(s):  
Financial Reporting ◽  
Financial Crises ◽  
Small And Medium Enterprises ◽  
Balance Sheet ◽  
Financial Statements ◽  
Financial Data ◽  
Business Managers ◽  
Financial Reports ◽  
Business Entities ◽  
Medium Enterprises

Financial reporting still raises doubts and concerns among large and small entrepreneurs. When analyzing financial statements, the recipient often asks whether the current comprehensive forms of financial statements are not too vague and confusing. Data disclosed in the financial statements are often not easily read by ordinary users or even analysts. Maybe now it is worth looking for other new solutions that will allow business managers to obtain basic financial information from the financial reports in a quick and immediate way. The increase in competition and financial crises caused the largest number of bankruptcies in the group of small and medium enterprises. And it is to these small economic entities that it is worth facilitating the process of analyzing financial data. For this group of enterprises, it is worth highlighting in the financial statements those data that may inform about risks in conducting and continuing further operations. The article presents a balance sheet model for small business entities. Its layout and formula is designed to lighten the picture of the company’s financial situation and provide the most important information on the company’s financial safety.

scholarly journals SME ENTREPRENEURSHIP AND ITS CONTRIBUTION TO ECONOMIC ACTIVITY IN THE REPUBLIC OF SRPSKA

2018 ◽  
Vol 1 (15) ◽  
pp. 55
Author(s):  
Tihomir Spremo ◽  
Jelena Marjanović
Keyword(s):  
Economic Development ◽  
Economic Activity ◽  
Added Value ◽  
Entrepreneurial Activity ◽  
Developed Economies ◽  
Development Policies ◽  
The Republic ◽  
The Impact ◽  
New Jobs

Research on the role and importance ofentrepreneurship in economic development is influenced bythe orientation of development policies in advancedeconomies. Considering that the orientation towardsentrepreneurial activity and development of small businessis present in developed economies, the aim of this researchis to determine the impact of entrepreneurial activity ofSMEs on the economy in the Republic of Srpska. Themethods used in the paper are: analysis, synthesis,induction, deduction, comparison, benchmarking. Theresults of the research have shown that SMEs in theRepublic of Srpska generate more new jobs, achieve higherturnover and create more added value than big companies.However, big firms are more profitable and have higherproductivity, leading to the conclusion that developmentpolicies should not be rigorously limited to the developmentof only one sector, but rather to encourage their coexistence.

scholarly journals SISTEM DAN MEKANISE PENYUSUNAN ANGGARAN PENERIMAAN DAN PENGELUARAN DANA PADA YAYASAN BINA UMMAT KELAPA DUA

2021 ◽  
Vol 3 (2) ◽  
Author(s):  
Kurniawan Tjakrawala ◽  
Nurainun Bangun
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Administrative Staff ◽  
Business Faculty ◽  
Financial Reports ◽  
Non Profit ◽  
Management Level ◽  
Learning Modules ◽  
Simple Format ◽  
Target Activity

The purpose of this Community Service Program (a.k.a PKM) in Period I 2020 is to provide counseling using learning modules that provide knowledge about the systems and mechanisms for budgeting revenue and disbursement of funds in non-profit organizations, which in this case are organizations in the form of foundations, namely Yayasan Bina Ummat Kelapa Dua. The foundation’s problem is the lack of understanding of the system and mechanism for budgeting the foundation's funds of revenue and expenditure for planning and controlling donor funds. The foundation admits that the financial reporting system has not been systematic, as of the donors might not be able to scrutinize the accountability of financial reports in such comprehensive manner, even in a simple format. The target activity to be achieved in this program is the management level along with a number of teachers and administrative staff of the Bina Ummat Kelapa Dua Foundation. As the solution to their problems. This programs activities use module which is one of the program’s outputs. The methods used in this program are lecturing, question-and-answer methods, and practice module material. This program activity also involved student from the undergraduate program in accounting department of economic & business faculty of UNTAR, that intended to give the real facts insight that exist in the community, as well as efforts to involve students in providing real solutions based on the knowledge they have understood. This program also produced output in the form of scientific articles or scientific proceedings. ABSTRAK:Tujuan dari aktivitas pengabdian kepada masyarakat (PKM) pada periode I (satu) 2020 ini adalah mengadakan penyuluhan dengan menggunakan modul belajar yang memberikan pengetahuan mengenai sistem dan mekanisme penyusunan anggaran penerimaan dan pengeluaran dana pada organisasi nirlaba, yang dalam hal ini adalah organisasi berbentuk yayasan yaitu Yayasan Bina Ummat Kelapa Dua. Permasalahan yang dialami oleh pihak yayasan adalah kurangnya pemahaman mengenai sistem dan mekanisme penyusunan anggaran penerimaan dan pengeluaran dana yayasan untuk keperluan perencanaan dan pengendalian dana donatur. Pihak yayasan mengakui bahwa sejauh ini masih belum sistematis dalam sistem pelaporan keuangan, sehingga para donatur belum dapat menyimak laporan pertanggungjawaban keuangan secara komprehensif meskipun dalam format yang sederhana. Target kegiatan yang akan dicapai dalam PKM ini adalah pengurus beserta sejumlah guru dan staf administrasi yang bernaung pada Yayasan Bina Ummat Kelapa Dua agar memperoleh solusi atas permasalahan mereka berupa aktivitas pelatihan yang akan menggunakan modul yang menjadi salah satu luaran dari kegiatan PKM ini. Metode yang dipakai dalam PKM ini adalah metode ceramah, tanya-jawab, dan praktik materi modul. Kegiatan PKM ini juga melibatkan mahasiswa dari Prodi S1 akuntansi FEB UNTAR. Keterlibatan mahasiswa dimaksudkan guna menambah wawasan mengenai fakta riil permasalahan yang ada di lingkunga masyarakat, serta upaya melibatkan makasiswa dalam aktivitas pemberian solusi nyata atas permasalahan target yang dihadapi berdasarkan bidang keilmuan yang dikuasai. Hasil kegiatan PKM telah berlangsung sesuai tujuan, dengan luaran wajib berupa publikasi ilmiah dan juga luaran tambahan yaitu modul belajat yang ditujukan kepada mitra PKM

scholarly journals TRUTH, FAITHFULLNESS AND RELIABILITY VAGUENESS IN THE ACCOUNTING THEORY AS A CHALLENGE FOR ACCOUNTING TEACHERS

2015 ◽  
Vol 68 (1) ◽  
pp. 36-51
Author(s):  
Ewa Wanda Maruszewska ◽  
Aleksandra Szewieczek ◽  
Marzena Strojek-Filus
Keyword(s):  
Financial Reporting ◽  
Algebraic Approach ◽  
Accounting Education ◽  
Financial Reports ◽  
Main Method ◽  
Polish Literature ◽  
Economic Reality ◽  
Accounting Theory ◽  
Business Entities ◽  
Theoretical Foundations

The study was aimed at examining the notion of truth, faithfulness and reliability approaches in chosen social sciences, and accounting theoretical foundations among them. In order to explore whether accounting conceptual framework together with accounting theoreticians have developed a satisfactory understanding of the notion of truth, faithfulness and reliability, a literature review was undertaken seeking the definitions and classifications of truth that might be useful in business practice, especially in accounting preparation of financial reports. The main method used in order to achieve the aim was a critical analysis of the contemporary English and Polish literature on accounting, philosophy, as well as psychology and sociology to go to the comparison of the truth and reality perception from various perspectives. The results have shown that the recent changes made in foundations of accounting theory did not provide a satisfactory solution to the problem. The researchers contribute to the existing literature as there is an on-going debate on the direction and extent of changes in the international harmonization and standardisation of accounting that is focused on the problem of faithfulness of the information disclosed in the financial reports. It is argued that the understanding of truth is a key to an understanding of accounting theory and an inevitable factor of proper practice of accounting. Considering accounting teaching process, there was a qualitative analysis conducted based on accounting curricula of Polish public university with long tradition in accounting undergraduate and graduate education. With regards to the accounting curricula of a chosen university, it has been observed that there is an urgent need for a discern of accounting curricula in order to make substantive contents corresponding with developing economic surroundings of business entities preparing financial reports. Moreover, the importance of non-algebraic approach is stressed as a result of the study. Key words: economic reality, faithfulness, faithful representation, financial reporting, truth in accounting, accounting education.

scholarly journals Analisis Penerapan Good Corporate Governance pada Sistem Pelaporan Keuangan BAZNAS Kabupaten Kebumen

At-Taqaddum ◽  
2020 ◽  
Vol 12 (2) ◽  
pp. 169-182
Author(s):  
Livia Ambarsari ◽  
Khoirul Anwar ◽  
Setyo Budi Hartono ◽  
Herwening Sindu Lestari
Keyword(s):  
Corporate Governance ◽  
Financial Reporting ◽  
Research Method ◽  
Reporting System ◽  
Descriptive Analysis ◽  
Secondary Data ◽  
Analysis Approach ◽  
Primary Data ◽  
Financial Reports ◽  
Good Corporate Governance

The implementation of Good Corporate Governance (GCG) in the financial reporting system is an effort to encourage transparent and accountable zakat management. This study aimed to determine the financial reporting system and the application of GCG in the financial reporting system of BAZNAS Kebumen Regency. The research method in this research is qualitative with a descriptive analysis approach. The informants consisted of three informants from BAZNAS Kebumen Regency. The data used are primary data obtained through direct interviews with informants and secondary data obtained from internal institution data, financial reports and several literature studies. The results show that the financial reporting system in BAZNAS Kebumen Regency is good enough at implementing GCG in the financial reporting system with principles consisting of transparency, accountability, responsibility, independence and justice. The implementation of GCG in the financial reporting system makes BAZNAS Kebumen Regency have a transparent and accountable reporting system to increase the community's trust or muzakki to pay zakat to BAZNAS.

scholarly journals TAXATION OF SUBJECTS OF SMALL ENTERPRISE WITHIN THE FRAMEWORK OF SPECIAL TAX REGIMES (ON THE EXAMPLE OF THE REPUBLIC OF TATARSTAN)

2018 ◽  
Vol 13 (3) ◽  
pp. 108-115
Author(s):  
Рашид Гильфанов ◽  
Rashid Gilfanov ◽  
Алсу Евстафьева ◽  
Alsu Evstaf'eva
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Reporting System ◽  
Economic Conditions ◽  
Small Enterprise ◽  
Advantages And Disadvantages ◽  
Tax Regimes ◽  
The Russian Federation ◽  
The Republic ◽  
Business Entities

Taxation of small businesses is one of the key areas in the tax policy of the Russian Federation. To create favorable economic conditions for the functioning of small business entities, special tax regimes have been created to simplify their accounting and reporting system. The article deals with the practice of applying special tax regimes in the Republic of Tatarstan. It is revealed that the most popular regimes for small business entities in the republic are the simplified and patent taxation systems. The advantages and disadvantages of the special tax regimes applied are noted.

scholarly journals PENDAMPINGAN PENYUSUNAN LAPORAN KEUANGAN HIMAWARI HANDMADE PANTI ASUHAN MUHAMMADIYAH PUTRI ULIL ABSHAR

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Agustin Dwi Haryanti ◽  
Thoufan Nur
Keyword(s):  
Financial Reporting ◽  
Reporting System ◽  
Financial Statements ◽  
Financial Reports ◽  
Accounting Data ◽  
Financial Decisions ◽  
Microsoft Access ◽  
Household Products ◽  
Assistance Service ◽  
Microsoft Office

The service was carried out at Panti Asuhan Muhammadiyah Putri Ulil Abshar. Panti Asuhan as a partner is one of Muhammadiyah Charitable Enterprises and included in the area of Aisyiyah Leader, Jetak Lor, Dau, Malang. Mitra has a business Himawari Handmade. The business produces bags, wallets, and some household products in the handmade category. The results of the business become a source of independent funds for partner. Service’s aims help partner through financial reporting preparation assistance. Service produces a financial reporting system by Microsoft Access (Microsoft Office 2016). The system produces integrated financial reports. Thus, partners will not do the recording and reporting manually. The system provides accurate and timely accounting data and information. Partners can analyze and make financial decisions well. Service done with several steps. Service starts by identifying the business activities of partner. The next step is discuss the needs of financial statements. The sfattep continued with the design of the Miscrosoft Access financial reporting system. The design is accompanied by the preparation of a system operational work guide for partners. The last step is training for business managers financial reports. The results can improve partner’s' ability to manage finances. Partner can understand and apply the concept of financial reporting to support business activities. This is indicated by the ability of partners to prepare financial statements. In addition, partners can use financial statements as a decision-making tool for the development of the Himawari Handmade business.Keywords : financial, report, business 

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